Buying Cryptocurrency With SoFi
Cryptocurrency has become the new biggest investment for a lot of people. That is because of its growth in the past few years and experts predicting even bigger success for most cryptocurrencies.
Because of that, there has been an emergence of new cryptocurrency trading sites where people can buy and sell different currencies like SoFi Invest.
Can You Buy Crypto With SoFi?
Yes. SoFi Invest is a SoFi financial product that allows members to invest in assets and maximize long-term growth. SoFi Invest does not generate new coins or act as a wallet. It is an investment platform that investors can access via the SoFi app or SoFi.com.
Investors can invest in Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and up to 40 other cryptocurrencies. They can choose between an active investing account and an automated investing account.
An active investing account allows investors to choose the assets they want to buy or invest in. On the other hand, an automated investing account automatically invests funds that the investor deposits based on their desired portfolio type.
There is an online link that investors can visit and follow the easy steps to open an account. To be eligible to open the count, investors must be US citizens above 18 years old. They must also be lawful permanent citizens with a physical United States address and a valid SSN (Social Security number).
If investors are permanent United States residents, but the OFAC sanctions their country of citizenship, they cannot hold an account with SoFi.
SoFi charges up to a 1.25% markup on cryptocurrency transactions. They then add the markup to the market price on purchase from the exchange, then submit a market order.
If, for example, an investor buys $100 worth of Litecoin whose market price is $100. SoFi will mark up the Litecoin price to $101.25, and the investor ends up receiving less than a full Litecoin because of the markup.
SoFi changes the crypto markup severally, so investors need to be sure about the prices before purchasing. Investors can buy crypto with SoFi Invest around the clock, allowing them to buy small coin fractions. The minimum purchase an investor can make is $10, and the maximum for every investor per day is %50,000.
The minimum sale amounts are 0.01 Ethereum, 0.01 Bitcoin, 0.01 Bitcoin cash, 0.1 Litecoin, and 0.1 Ethereum Classic.
According to experts at SoFi, investments on the platform take place in real-time. Therefore, whether investors buy cryptocurrency using cash or coins, they will receive their crypto immediately. If they trade some or all of their crypto on SoFi, they will receive the money in their account in US dollars immediately.
SoFi invest takes the security of their investors seriously, which is why they use tools like SSL encryption and two-factor authentication. They have also partnered with exchanges like Coinbase for complete transactions, and they do not share investors’ information with partners or custodians.
They also have a closed system that does not allow investors to transfer their crypto assets from SoFi invest to external wallets. They, however, have plans to make that possible for investors safely.
Buying crypto is easy for investors using the app or their website. They can search the cryptocurrency they want to trade in my name or across through the different cryptocurrencies available.
While investing in cryptocurrency has shown high levels of success for some investors, it is a high-risk investment because of the volatility of the coins. Therefore, investors need to research, ask for advice, and understand their investment goals before investing.
